Examlex
The accompanying figure shows the parts of a window. What is feature 3?
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost per unit than the cost at which any other entity can produce the same good or service.
Comparative Advantage
The endowment of a person, enterprise, or nation to output a good or service at a diminished opportunity cost relative to rival entities.
Barriers to Trade
Measures that governments or public authorities introduce to restrict or prevent international trade.
Quota
A government-imposed trade restriction that limits the quantity or monetary value of goods that can be imported or exported during a specific time frame.
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